During the post-sanction period, Total has turned into the most active oil and gas firm in the Iranian oil industry as new MoUs, agreements or contract are being inked with the French company on a weekly basis.
Accordingly, following the signing of a confidentiality agreement for development of South Azadegan oilfield with Total, an MoU to build and develop petrochemical industry, and the possible construction of a polyethylene production plant in Parsian Special Economic Energy Zone, a memorandum of cooperation with the Research Institute of Petroleum Industry (RIPI), now Iran’s oil sales to Total have set a new record.
Soon after the removal of sanctions, the French company sealed a deal to purchase a daily average of 160 thousand barrels of crude oil.
The most important feature of the contract is that it does not need to be renewed annually as it will automatically become operational from year to year if new sanctions are not registered in the Europe Union.
In the meantime, with the average sales of 160 to 200 thousand barrels of crude per day to the French company and its distribution among European refineries, a new threshold in oil deals between National Iranian Oil Company (NIOC) and Total has been registered.